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Question - At 1 July 2019, Canello Ltd has the following assets: machinery purchased two years ago at a cost of $300,000 and carried at $240,000, and equipment purchased two years ago at a cost of $150,000 and carried at $120,000. Both assets are measured using the cost model and are depreciated on a straight-line basis over 10 years.
On 30 June 2020, the directors of Canello Ltd decided to change the basis of measuring the machinery from the cost model to the revaluation model. The machinery was revalued to $225,000 with an expected useful life of 6 years. In relation to equipment, the fair value less costs to sell was measured at $90,000, whilst the value in use was determined to be $95,000. The equipment had a further expected useful life of 5 years. The tax rate is 30%.
Required - Prepare the necessary journal entries in relation to the machinery and equipment at 30 June 2020. Narrations are not required.
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